Token Raffles
Last updated
Last updated
Token Raffles are the first type of fungible token launch on LET'S COOK.
This liquidity bootstrapping mechanism has several advantages over existing solutions:
More fun.
No edge for bots.
Concentrates users and liquidity.
No OpenBook or Raydium fees (3.8 SOL saved per launch).
Token Extension support.
Supported by Rugcheck.
Failed launch insurance, inspired by Kickstarter.
See the Creator Guide.
The LET'S COOK home page is dynamic and automatically features the top-rated Token Raffle of each calendar day (UTC).
Users can also browse through all Token Raffles via the Calendar page. Users can select individual days or a range of days to be displayed.
Each raffle has an Open period during which users may buy an unlimited number of Tickets at the flat price per ticket indicated on the Raffle page, plus a small platform fee per ticket.
Each raffle has a set number of Winning Tickets. The probability of drawing a Winning Ticket drops as the total number of tickets purchased increases.
Once the raffle Closes, no more Tickets may be purchased. Tickets already purchased can be Checked via their Raffle page or the My Bags page.
When a user Checks their Tickets, some of them are drawn as Winning Tickets and others as Losing Tickets. The probability of drawing a Winning Ticket depends on the total number of tickets sold and the number of Winning Tickets set by the Token Creator.
Winning Tickets can then be Claimed for the amount of tokens per ticket indicated on the Raffle page.
Losing Tickets are refunded during the Claim transaction, minus platform fees.
Each Raffle has a Guaranteed Liquidity Threshold that must be met by the time the Raffle Closes.
If not enough Tickets are sold to meet the Guaranteed Liquidity Threshold, the Raffle fails and every ticket purchased is marked as a Losing Ticket (and therefore refundable).
This protects users from having their funds collected by failed launches and instead concentrates users and liquidity into successful launches.
The first user to Claim their tokens/refund also triggers the automated deployment of the token's Liquidity Pool on FluxBeamDEX.
The Token Creator never has direct access to the bootstrapped liquidity or LP tokens.
Instead, the LET'S COOK program creates the LP, deposits liquidity, then burns the LP tokens to lock the liquidity permanently.
In the future, Creators will be able to lock LP tokens with Streamflow instead of burning them.
